The Bitcoin blockchain is revolutionary in its ability to allow two individuals to transact digitally without a trusted third party. But the scope of blockchain technology extends much further than digital currency.
A 19 year old Russian-Canadian programmer, Vitalik Buterin, proposed that Bitcoin needed its own scripting language for developing applications on the blockchain. The other Bitcoin developers didn’t agree with him, so he went off and made his own platform called Ethereum. What Ethereum allows developers to do is code their own ‘smart contracts’ onto the Ethereum blockchain. A smart contract is essentially what it sounds like – a contract that self-executes.